119 Power to redistribute capital receipts of functional bodies.E+W+S
(1)The Secretary of State may make regulations for and in connection with conferring on the Mayor power to direct any functional body to pay to the Authority such percentage as may be specified in the direction of so much of F1... the body’s capital receipts as may be so specified.
(2)The power conferred on the Mayor must be exercisable only for the purpose of enabling the amount paid under such a direction (the relevant amount) to be applied towards meeting [F2 capital expenditure ] of another functional body or of the Authority (the assisted body).
(3)The provision that may be made by regulations under subsection (1) above includes provision—
(a)with respect to the percentage or maximum percentage that may be specified in a direction;
(b)with respect to the portion of F3... a functional body’s capital receipts in respect of which a direction may be issued;
(c)requiring a direction to be complied with before the expiration of a prescribed period;
(d)requiring the Mayor, within such time or in such manner as may be prescribed, to notify the functional bodies of decisions taken with respect to the exercise of powers conferred by the regulations;
(e)for and in connection with enabling the Mayor to permit the relevant amount to be applied towards meeting [F4 capital expenditure ] of the assisted body generally or to require it to be applied towards meeting only such expenditure of a particular description;
[F5(f)for and in connection with treating the whole or a prescribed part of the relevant amount as added to the capital receipts of the assisted body, for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (capital finance);]
(g)for and in connection with requiring an assisted body to apply the relevant amount only for the purposes for which it was paid to the body.
(4)In this section prescribed means prescribed by regulations.
Textual Amendments
F1Words in s. 119(1) repealed (1.4.2004) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 8 Pt. 1; S.I. 2003/2938, art. 6(e)(ii) (with art. 8, Sch.)
F2Words in s. 119(2) substituted (1.4.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 72(2); S.I. 2003/2938, art. 6(d)(i) (with art. 8, Sch.)
F3Words in s. 119(3)(b) repealed (1.4.2004) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 8 Pt. 1; S.I. 2003/2938, art. 6(e)(ii) (with art. 8, Sch.)
F4Words in s. 119(3)(e) substituted (1.4.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 72(3)(a); S.I. 2003/2938, art. 6(d)(i) (with art. 8, Sch.)
F5S. 119(3)(f) substituted (1.4.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 72(3)(b); S.I. 2003/2938, art. 6(d)(i) (with art. 8, Sch.)
Commencement Information
I1S.119 wholly in force at 3.7.2000: s.119 in force at Royal Assent (11.11.1999)for certain purposes, see s.425(2); s. 119 in force (3.7.2000) in so far as not already in force by S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3